The Entrepreneur’s Advisor is pleased to announce a new glossary for entrepreneurs and micro-enterprises. The glossary contains terms most frequently used to describe the world of small business and micro-enterprises.
The purpose of the glossary is help entrepreneurs and micro-enterprises understand the lingo that advisors, bankers and other professionals use. Some examples are listed below.
- Client Retention
- Client retention is defined as practices that businesses engage in to retain their customer base after the sale has been made.
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“Poor customer service is the number one reason customers do not return to make additional purchases. Implementing client retention programs will not only lower your loss client ratio but also increase your long term revenues.”
- Entrepreneur
- An entrepreneur is a person who recognizes opportunity, sets forth a plan of action and then acts upon the plan taking responsibility for its outcome. Being an entrepreneur is a mindset or a personality as it describes a person who is willing to create value or take a new direction.Although being an entrepreneur is most commonly associated with people who start a new ventures, the term also refers to anyone who recognizes and pursues an opportunity within an ongoing business either small or on a corporate scale.
- Micro-enterprise
- Is a term used to describe very small businesses that have less than 5 employees and annual revenues under $250,000. This term is frequently used to describe home and farm based businesses or businesses with no employees other that the owner. In some Countries, States and Provinces micro-enterprises make up the vast majority of the workforce. The term can also be used to describe a new venture in its early formation such as a new technology company that is just forming or only in a research and development stage.
Source:Stuart W. Smith
New terms will be added regularly and if you see a term missing or would like to see defined contact The Entrepreneur’s Advisor™ and let us know.